Photo: iStock
Getty Images plans to commence bankruptcy proceedings in the coming weeks and complete its restructuring by the end of the year, according to Reuters. The company will continue to operate, and its customers will still be able to use its photo libraries.
Following the restructuring, Getty Images will become privately owned. Its shares will be held by entities belonging to the Getty family and the investment firm Koch Equity Development. They have also committed to investing up to $533 million in the business.
The company has reached an agreement with its creditors to reduce its debt burden. Holders of unsecured bonds have agreed to write off $270 million of debt. Other creditors have agreed to reduce interest payments and defer the repayment dates for part of the debt. In addition, Koch Equity Development will provide up to $143 million to support the company during the restructuring.
Why the merger with Shutterstock fell through
Getty’s financial problems worsened following the collapse of the deal with Shutterstock, which had been under discussion for over a year and a half. In January 2025, news emerged of their plans to merge. The deal was valued at approximately $3.7 billion.
However, in July 2026, Getty pulled out of the merger: the UK competition regulator would only approve the merger on condition that Getty sold its editorial photography business. The board of directors refused to accept these terms and terminated the agreement. Following this, Shutterstock’s share price fell by almost 30 per cent.
Getty is under pressure from debt and AI
Getty’s business is under pressure not only from debt but also from competition from artificial intelligence. Images generated by neural networks are becoming an alternative to traditional stock photographs, for which companies, publishers and other clients pay licensing fees.
In June, Getty entered into an agreement with OpenAI, allowing its image libraries to be used for search and recommendations within ChatGPT. Following this news, Getty’s shares rose by 350 per cent. However, this did not resolve the debt problem: by the end of June, its debt stood at $2.1 billion.
In July, the company repaid $628.4 million in senior secured bonds carrying an annual coupon rate of 10.5 per cent.
It should be noted that Getty Images is a visual content owner and marketplace for stock photographs, which are provided under licence. Its brands – Getty Images, iStock and Unsplash – work with professional photographers and other creators. In total, the company collaborates with nearly 600,000 creators.
This story was translated with the assistance of artificial intelligence.The translation was also reviewed by the Logos Press editorial team.
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